Market Technical Analysis by RoboForex

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The Fed offered no clear signals; now it is the ECB's turn as the market awaits a sharp move in EURUSD

The euro received some modest, short-lived support following the Fed's decision, with the EURUSD rate currently hovering at 1.1140. 

Technical outlook

On the H4 chart, the EURUSD pair formed a Hanging Man reversal pattern during a pullback near the middle Bollinger Band. At this stage, the price could develop a downward wave as the pattern's signal plays out, with the downside target at the 1.1100 support level.

The Fed's decision to leave interest rates unchanged provided some support for the euro, but this was short-lived.

Read more - EURUSD Forecast

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Sincerely,
The RoboForex Team